IBM Blockchain-Based Solution To Improve Metallurgy Supplies
IBM in partnership with MineHub Technologies will present a blockchain platform to improve supplies of raw materials and products for mining operations and metallurgical production companies, the corporation announced in a press release.
MineHub corporation is well-known for development of various technologies in metallurgy and the field of mining, including those based on blockchain. The new platform will function on IBM Blockchain that has a basis on the Linux Foundation’s Hyperledger Fabric solution.
The platform is aimed to make the process of extraction, processing, and supply of mineral resources more efficient. Experts estimate the volume of the market of mining operations and metallurgical production at $1.8 trillion, and its growth rate is deterred due to a hefty document flow, manual processing of information, and absence of trust between producers and suppliers.
The platform will be established by the Kutcho Copper mineral exploration firm, the Ocean Partners USA trading company, Goldcorp, a producer of gold, and others.
The distributed ledger technology is to be used by all market participants at once, they will perform transactions and monitor all data at every stage of supplies from a producer to a final consumer.
The solution will diminish dependence on intermediators, make the whole process more automated, and speed up products supply to purchasers, the press release reports.
Earlier, IBM announced using of its blockchain to track and fix supplies of cobalt from Congo.